Modifications to ‘Iron ore (new)’ Document

27.1.11

Move the title ‘Port Stocks’ and the two charts under Port Stocks to top of page 2. Replace with new price table and new text box (see over)

Page 1

New page 1

Insert new price table and new text box at the bottom of page 1

*Text box here* - ‘To view price histories, different currencies and units over time periods of your choice, log-in to TSI Price Analyser www.thesteelindex.com

TSI Iron Ore Reference Prices – Supplementary indices

Iron Ore Fines, Chinese Imports (CFR Qingdao Port)

5-Day Average MTD Average QTD Average Q-1M to date*

62% Fe 2%Al (US$/dry tonne) 188.0 188.0 +3.0% 180.7 +5.8% 180.7 +5.8% 180.7 +5.8%

63.5% Fe (US$/dry tonne) 194.4 193.2 +2.9% 187.2 +5.6% 180.7 +5.8% 180.7 +5.8%

*Three month period comprising the final month in the preceding calendar quarter and the first two months of the present calendar quarter.

Page 2

Insert ‘Port Stocks’ title and 2 graphs at the top of page 2.

Move the ‘Derivatives Outlook’ title and 2 graphs underneath to the top of page 3 (but leave the Freight Forward Prices table)

Move the ‘Port Congestion’ title and 4 graphs underneath down the page.

New page 2

Freight Derivatives Outlook

Insert new title ‘Freight Derivatives Outlook’ above the Freight Forward Prices table at the bottom of page 2

New page 3

Insert the ‘Derivatives Outlook’ title and 2 charts at the top of page 3, shifting product specs, contact details and disclaimer further down the page.